I realize that 1989 was during the last real estate bubble and that this house fell 35% in value through 1995 when it sold for $135K. But it's still fun to say "prices back to 1989 levels!" By the way, this house looks like a good deal at this price (Assuming this listing is legit)
Monday, June 2, 2008
1989 pricing in MoVal
We (buyers) get excited thinking about pricing returning to sane levels. Most of us feel sane levels are prices from around 2000 give or take a year or two. So how about a return to 1989 prices? Insane you say. Well let me submit 16505 Vista Conejo Dr. MoVal, it's a nice looking little 5 bedroom home down in Moreno Valley ranch. This home sold in 1989 for $206k. It's currently listed for $180K! $26K less than it sold for 19 years ago.
I realize that 1989 was during the last real estate bubble and that this house fell 35% in value through 1995 when it sold for $135K. But it's still fun to say "prices back to 1989 levels!" By the way, this house looks like a good deal at this price (Assuming this listing is legit)
I realize that 1989 was during the last real estate bubble and that this house fell 35% in value through 1995 when it sold for $135K. But it's still fun to say "prices back to 1989 levels!" By the way, this house looks like a good deal at this price (Assuming this listing is legit)
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6 comments:
Probably not a legit listing price. Realtors, (not satisfied they earned enough hatred with the housing bubble), have been advertising fake prices to get people to bid on houses. I've been a victim of this a few times and it pisses me off! One 3000 Sq' house in Murrieta was listed at $180k, if you could get in touch with the listing agent you'd learn that it was going to auction and that was going to be the starting bid (bank must approve winning bid). I stopped looking at all. I need a better job, go to this site and get involved:
www.AmericansForJobsAndEnergy.org
I saw the link on Housing Panic, interesting.
There are a lot of auction listings but they usually say on the listing that the price is the opening bid and that the home is being auctioned. This house is not an auction home as far as I can tell, and it's far from alone in it's price range in MoVal. I could have listed another 50 if I wanted to. San Jacinto, Perris and Hemet are even easier to find these kinds of prices.
Interesting house. I actually like that area of MoValley.
That listing showing the 180k price was a short sale. I know the MLS still says active however back in 3/2008 Fremont got this house at the trustee sale. The face value of the mortgage was 480k but it shows the purchase price at TS as 225k which means Fremont really lowered the opening bid.
I find it interesting that Fremont purchased this home back in March but it is not listed yet. It might be going to auction and never hit the MLS.
That is a nice area of Moval. I figured that last sale was the bank which was why I thought the listing might be a legit REO listing, especially since the last price drop was after the sale date.
I'm amazed anything sold for over 200k in Moreno Valley, 1989 and any other year for that matter.
Try a different approach to these kinds of listings...
submit a lowball offer.
LOL
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